Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-07-20
The Extremists on the Debt Question.

1t is to be regretted that the opposite ex-
tremists on the debt question have already
begun agitation in behalf of their peculiar
views. One the one side we hear the cry
for the bondholders' demand, in spite OF the
fact that if that demand were supported by
the Democratic party it would meet with
certain defeat-a result not more injurious
to the party and to the people of Virginia
than to the bondholder. On the other side
is heard the clamor for reputation, which
is to be threatened as q means of bringing
the bondholder to terms, but which, in the
event of his refusal to be frightened, is to
be carried out in a spirit Of revenge. Equal
ly unwise, equally hurtfnl, are the policies
promulgated by these warning elements
On the one hand, any proposition inyolv-
ing the necessity either of an increase in
taxation Or Of diminution in the present
appropriations to the public schools would
be rejected by majority of the voters in
the State. On the other hand. all talk of
reputation is vain. In the first place such
a constitutional amendment as that which
is being vaguely discussed by those who are
desperately seeking for any expedient what
soever would fail to accomplish its purpose.
Repsdiation would not permanently change
the market value of coupons a single cent.
Instead of driving them out of use it would
be accepted as reason by many for forcing
them upon the State in order to thwart the
repudiators. liquidation would not affect
the principal Of the debt in the least. That
principal is not due for nineteen years to
come and there are few men of business who
| can be made to believe that in nineteen
| years from now, when Virginia shall have
escaped from some of the evil influences
| that are now active among her people and
| when she shall be able to pay with ease far
more than the representatives of the Eng
| lish bondholders now demand, her people
will consent to the reputation of her debt
with its attendant dishonor and material
injury. There are few, if any, of the hold
ers of Virginia's bonds who would not safe
ly take the risk. Speculation is speculation.
It is a game of chance. There are not many
men who could find more desirable spec
ulation than an investment in bonds belong
ing to a growing State with a great bust
ness future ahead Of it, when the threat tO
repudiate these bonds cannot be carried out
for nineteen years. The further ahead the
time for reputation the less likely it is tC
be carried out. Indeed, the chances are
nineteen to one that the State never will
repudiate them,
It may as well be known now that threats
of reputation are utterly useless. The
people should put no trust whatsoever il
them Reputation cannot bring relief. II
is 'tmockery, q delusion and snare" II
is the duty of the Democratic newspapers
and the Democratic politicians to lay before
the people such facts as those we have just
set forth. The people must not, cannot be
deceived. Reputation is not only dishon-
orable; it is not practicable. To attempt to
force it upon the people is to rend the
Democratic party in twain and to bring up
ON it, if not now, yet hereafter, the wrath
of an outraged and indignant people.-1At
State.